Trends that impact today's commercial real estate industry

Those involved in the commercial property industry in Illinois may be aware that investors are increasingly including commercial properties in their investment portfolios. They may also recognize that there is a definite lag in the development of contemporary tools to manage these investments at the same level that other assets can be followed and managed. While the residential real estate sector features many apps and tools to address the needs of various individuals, those dealing in commercial real estate are just beginning to truly tap into the powerful benefits of contemporary technology.

Mobility is a particularly important trend that is beginning to influence CRE. Brokers, buyers, sellers, and leasing agents want to be able to access information and handle transactions from virtually any location, which is driving the development of mobile apps for the industry. Consumerization is another crucial consideration as archaic software is difficult to learn and use. Today's tech world, including the real estate sector, demands more intuitive solutions that don't hinge on extensive training. Companies are stepping forward to fill in the void with tools and apps that are consumer friendly.

As those investing in the area of commercial real estate promote improvements in tools and technology for their activities, legal needs may be an interesting facet for developers to enhance. The ability to review various laws, zoning needs, and contract terms quickly may figure into the development of tools for investors and their legal representatives.

Although commercial real estate technology may improve an investor's ability to make quick decisions based on real-time data and opportunities, legal insight can be an important need. A lawyer may be able to identify shortcomings in a contract or recommend possible concerns based on zoning history in a given area. However, technological tools may improve the speed with which these details and concerns can be researched and discussed.

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